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BRIGADE CAPITAL MANAGEMENT, LP

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13F filer, CIK 1421306, NEW YORK, NY

BRIGADE CAPITAL MANAGEMENT, LP reported $797,903,190 across 15 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-15. Its ten largest share positions make up 99.7% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000919574-25-003214

Period
2025-03-31
Reported value
$798M
Holdings
15
Top 10 weight
99.7%
New
5
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
NBRnew+904,035$37.7M
SVCnew+910,000$2.38M
ECVTadded+148,755$922K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
MLCOexited-1,001,215-$5.8M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0000919574-25-003214, largest first. % of portfolio is the value over $80,864,940, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
NBRNABORS INDUSTRIES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 904,035 shares 904,035$37.7M46.56%newTimeline
EXEEXPAND ENERGY CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 77,120 shares; 2024Q4: 78,386 shares; 2025Q1: 78,386 shares 78,386$8.73M10.79%0Timeline
ECVTECOVYST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,427,000 shares; 2024Q4: 518,500 shares; 2025Q1: 667,255 shares 667,255$4.14M5.12%+148,755Timeline
FORWARD AIR CORPFORWARD AIR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 166,000 shares; 2025Q1: 166,000 shares 166,000$3.33M4.12%0
SVCSERVICE PPTYS TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 910,000 shares 910,000$2.38M2.94%newTimeline
FOAFINANCE OF AMERICA COMPANQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 57,000 shares; 2025Q1: 57,000 shares 57,000$1.21M1.5%0Timeline
DHCDIVERSIFIED HEALTHCARE TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 400,000 shares; 2024Q4: 400,000 shares; 2025Q1: 400,000 shares 400,000$960K1.19%0Timeline
BBGIBEASLEY BROADCAST GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 136,455 shares; 2025Q1: 136,455 shares 136,455$644K0.8%0Timeline
EXEELCHESAPEAKE ENERGY CORP -CW26Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,398 shares; 2025Q1: 2,398 shares 2,398$241K0.3%0Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
IWMISHARES TR SHSput1,175,000$234Mnew
HYGISHARES TR IBOXX HI YD ETFput2,500,000$197Mnew
LQDISHARES TR SHSput1,800,000$196M+300,000
IWMISHARES TR SHScall450,000$89.8Mnew

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

SecurityTypeAmountValueChange
LIBERTY INTERACTIVE LLCLIBERTY INTERACTIVE LLC DEB 3.750% 2/1principal79,114,000$19.4M0
LIBERTY INTERACTIVE LLCLIBERTY INTERACTIVE LLC DEB 4.000%11/1principal8,624,000$2.2M0

Sold out in Q1 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
TLTISHARES TR750,000$65.5Mput
GLDSPDR GOLD TR220,000$53.3Mcall
MLCOMELCO RESORTS AND ENTMNT LTD1,001,215$5.8Mshares

How Q1 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0000919574-25-003214 base2025-05-15acceptance time not in the bulk data set